Lineage Logistics Leads US IPOs Heading for Second Quarter

Reefer Industry Leader Targeting Valuation of More Than $30 Million
New York Stock Exchange
The New York Stock Exchange building on Wall Street. (Michael Nagle/Bloomberg News)

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Lineage Logistics is leading a crop of private companies weighing initial public offerings in the U.S. as soon as the second quarter, according to people familiar with the matter.

The temperature-controlled storage and logistics giant is among companies ranging from an online ticket vendor to a firm that helps brands deliver promotions to mobile devices in considering a first-time share sale, as the market begins to thaw after a two-year freeze.

The revival comes after a record $339 billion was raised on U.S. exchanges in 2021, according to data compiled by Bloomberg. Last year, that total had fallen to $26 billion, the data show. This week, companies raised $2.1 billion through IPOs, the most in a single week since September.

Lineage, which ranks No. 23 on the Transport Topics Top 100 list of the largest logistics companies in North America and No. 1 on the refrigerated warehousing sector list, is targeting a valuation in the first-time share sale of more than $30 billion, Bloomberg News has reported.

Tech names are set for strong representation in the next quarter, after a possible lull in overall IPO activity in the next couple of months as potential issuers rush to get their full-year financial statements audited before submitting their applications to the U.S. Securities and Exchange Commission.

SeatGeek, which scrapped a merger with a special-purpose acquisition company in 2022, is also considering an IPO as soon as the second quarter, people familiar with the matter said.

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Digital marketing software firm Ibotta Inc. is weighing a debut as soon as April, according to people with knowledge of the situation, who asked not to be identified as the information isn’t public. It’s working with Goldman Sachs Group and Citigroup Inc. on an IPO that could value it at $2 billion or more, people familiar with the matter have said.

And Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., is also set to go public as soon as April, according to a person familiar with the matter. Reuters previously reported the timing.

Deliberations are ongoing, and details of the offerings, such as timing, may change, the people said. A spokesperson for SeatGeek declined to comment, while representatives for Lineage, Ibotta and Rubrik didn’t immediately respond to requests for comment.